These 2 tax checklists can help simplify tax prep

Here's the most common IRS forms and tax records to collect and keep

Identify the most common IRS tax forms—the documents to keep in your Vital File (VF) with your tax returns

Identify important tax records—the records to keep in your Important File (IF) for at least the long-term

Create your own personalize tax prep checklist—a resource you can use year after year to simplify tax prep

Tax returns and forms

Many experts advise keeping tax returns including schedules, reporting forms, and tax payments records for a lifetime. Returns and tax payment records provide proof—if the IRS or your state suggest that you didn’t file, or that you filed but still owe.

Schedules and reporting forms in past tax returns provide essential information regarding your Social Security, investments, retirement benefits, and other financials. The information may be useful years down the road. They should be kept in your Vital File. Some of the most common tax forms include;

W-2 from employers. It's a 1099-MISC form for self-employed.

1099's from banks and brokers for income, interest or dividends from investment, retirement, and other financial accounts. SSA-1099 for Social Security.

1098's from lenders for paid interest on a mortgage (1098) or on a student loan (1098-E). Colleges provide 1098-T to support education credits.

If you need an actual copy of a tax return—the current fee for an exact replica of a tax return is $50 per copy. Only the current tax year and as far back as six years are available from the IRS.

Tax records

A basic tax record is proof of payment. Payment records alone do not evidence that the item claimed on your return is allowable. You should keep other records that will help prove that the item is deductible.

The IRS has specific record-keeping requirements for each adjustment, deduction or credit. It is your responsibility to maintain the records that prove your adjustment, deduction or credit. They can be kept in your Important File for the long-term. This includes, but is not limited to;

Charitable Deductions

Healthcare Expenses

College Educational Expenses

Childcare

Bank, Investment, Retirement, and other Financial Account Statements

Why keep monthly financial statements for the long-term?

Unless you receive detailed end-of-year statements, keeping monthly financial statements for all financial accounts for at least the long-term is something to consider seriously. Even your bank and credit card statements are important. Not only are they your most basic income and expense records, but they are also proof of payment for many things. Financial statements have tax, legal, financial, and insurance implications.

2 Tax Checklists That Can Help Simplify Tax Prep

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How do I use these checklists?

The Tax Prep Checklist is a reference to help you locate all the papers you need to prepare and support your taxes. Review the Tax Prep Checklist and cross off anything that is not relevant to your needs. This list is not all-inclusive. Consult your advisor if you have questions.

After reviewing the Tax Prep Checklist, create your own customized Tax Prep Collection checklist that will be specific to your needs. The personalized checklist can be referred to year after year and will make tax time easier for you.

fillable pdf tax prep checklist

A note on more challenging recordkeeping needs

Create dedicated files for challenging subjects (like the ones listed below)—in your Important File. The bulk of these papers will support financial, legal, insurance, and tax needs if they arise. Hopefully, you will never have to refer to them again, but many experts suggest keeping these papers for a lifetime.

Adoption Records

Bankruptcy Records

Divorce-Custody Records

Estate Inheritance Records

Estate Trustee Records

Home Damage-Theft Records

Identity Recovery Records

Tax Audit Support Records

2 Tax Checklists That Can Help Simplify Tax Prep

Create your own personalize tax prep checklist—a resource you can use year after year!

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